Pay attention to four principles:
(A) the principle of similar goods
(two) the principle of the same quantity of goods.
(3) the principle of the same or similar month
(4) the principle of opposite transaction direction
Application of hedging
The risk of price fluctuation faced by production and operation enterprises can finally be divided into two types: one is worried about the future price increase of a certain commodity; The other is worrying that the price of a commodity will fall in the future. Purchase hedging
Buying hedging means that the hedger first buys the same number of futures contracts with the same or similar delivery date in the futures market, and buys short positions and holds long positions in the futures market in advance. Applicable object and scope
1, in order to prevent the future purchase of raw materials, processing and manufacturing enterprises will increase their prices.
2. The supplier has signed a spot contract with the buyer to deliver the goods in the future, but the supplier has not purchased the goods at this time, fearing that the price will rise when purchasing the goods in the future. 3. The demander thinks that the current spot market price is very suitable, but due to the lack of funds or foreign exchange, or the goods that meet the specifications can't be found at the moment, or the warehouse is full, it can't buy the spot immediately, and it is worried about the future spot price increase. Sales hedging
Selling hedging means that the hedger first sells commodity futures contracts with the same quantity and the same or similar delivery date in the futures market:
1. Manufacturers, farms and factories that directly produce physical commodity futures have not yet sold or will soon produce some harvested physical commodity futures, fearing that the price will fall when they sell them in the future; 2. Storage and transportation companies and traders have inventory on hand and have not sold it, or storage and transportation companies and traders have signed a contract to buy a commodity at a specific price in the future but have not resold it, fearing that the price will fall when they sell it in the future; 3. Processing and manufacturing enterprises are worried that the prices of raw materials in stock will fall in the future.
Soybean hedging case
Example of selling hedging: (This example is only used to illustrate the principle of hedging, and the specific operation should consider the transaction fee, position fee and delivery fee. )
In the futures market in July, the spot price of soybeans was 20 10 yuan per ton. A farm is satisfied with the price, but soybeans will not be sold until September, so the unit is worried that the spot price may fall by then, thus reducing its income. In order to avoid the risk of future price decline, the farm decided to trade soybean futures on Dalian Commodity Exchange. The transaction is as follows:
July
Spot price of soybean is 20 10 yuan/ton.
The futures market sells 10 September soybean contract: the price is 2050 yuan/ton.
Soybean sold in September100t: price 1.98 yuan/ton.
Buy 10 September soybean contract in the futures market: the price is 2020 yuan/ton.
Arbitrage results in spot loss of 30 yuan/ton futures profit of 30 yuan/ton.
The final net profit is 100*30- 100*30=0 yuan Note: 1 hand = 10 ton.
From this example, we can draw the following conclusions: First, the complete sell hedging actually involves two futures transactions. The first is to sell futures contracts, and the second is to sell the spot in the spot market and buy the original position in the futures market. Second, because the trading order in the futures market is to sell first and then buy, this example is selling hedging. Third, through this set of hedging transactions, although the spot market price has changed adversely to farms, the price has dropped by 30 yuan/ton, resulting in a loss of 3,000 yuan; However, trading in the futures market made a profit of 3,000 yuan, eliminating the impact of adverse price changes.
Examples of purchasing hedging:
In September, an oil factory estimated that 10/00 tons of raw soybean was needed in October. At that time, the spot price of soybean was 20 10 yuan per ton, and the oil factory was satisfied with the price. It is predicted that the soybean price may increase by 5438+065438+ 10 in June. Therefore, in order to avoid the risk of rising raw material costs caused by future price increases, the oil factory decided to conduct soybean hedging transactions on Dalian Commodity Exchange. The transaction is as follows:
hedging
In September, the spot price of soybean was 20 10 yuan/ton.
Buy 1 1 soybean contract 10 lot in the futures market: the price is 2090 yuan/ton.
10/00 ton of spot soybean1/kloc-0: the price is 2050 yuan/ton.
Sell 1 1 soybean contract 10 lot in the futures market: the price is 2 130 yuan/ton.
Arbitrage results in spot loss of 40 yuan/ton futures profit of 40 yuan/ton.
The net profit of the final result is 40* 100-40* 100=0.
From this example, we can draw the following conclusions: First, a complete buy hedging also involves two futures transactions. The first is to buy a futures contract, and the second is to buy a spot in the spot market and sell the position originally held by the hedger in the futures market. Second, because the trading order in the futures market is to buy first and then sell, this example is buying hedging. Third, through this set of hedging transactions, although the spot market price has changed adversely to the oil plant, the price has increased by 40 yuan/ton, so the cost of raw materials has increased by 4,000 yuan; However, the trading in the futures market made a profit of 4,000 yuan, thus eliminating the impact of adverse price changes. If the oil factory does not hedge, he can get cheaper raw materials when the spot market price falls, but once the spot market price rises, he must bear the losses caused by it. On the contrary, he hedged in the futures market, although he lost the profit of favorable changes in the spot market price, but he also avoided the loss of unfavorable changes in the spot market price. Therefore, it can be said that buying hedging avoids the risk of price changes in the spot market.